Tsuzuki Denki Co Beneish M-Score Historical Data
The historical data trend for Tsuzuki Denki Co's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Tsuzuki Denki Co Beneish M-Score Chart
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Tsuzuki Denki Co Annual Data
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Mar24 |
| Beneish M-Score |
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-2.86 |
-2.26 |
-2.70 |
-2.60 |
-2.62 |
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Tsuzuki Denki Co Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.60 |
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-2.62 |
Competitive Comparison of Tsuzuki Denki Co's Beneish M-Score
For the Conglomerates subindustry, Tsuzuki Denki Co's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Tsuzuki Denki Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Tsuzuki Denki Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Tsuzuki Denki Co's Beneish M-Score falls into.
Tsuzuki Denki Co Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Tsuzuki Denki Co for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.7492 | + | 0.528 * 0.9627 | + | 0.404 * 1.1551 | + | 0.892 * 1.0077 | + | 0.115 * 0.7742 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.006452 | - | 0.327 * 0.8953 |
| = | -2.62 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was 円21,038 Mil.
Revenue was 円124,856 Mil.
Gross Profit was 円25,308 Mil.
Total Current Assets was 円65,929 Mil.
Total Assets was 円81,066 Mil.
Property, Plant and Equipment(Net PPE) was 円2,187 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,621 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円28,462 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,830 Mil.
Net Income was 円5,477 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,954 Mil.
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Total Receivables was 円27,865 Mil.
Revenue was 円123,899 Mil.
Gross Profit was 円24,178 Mil.
Total Current Assets was 円67,196 Mil.
Total Assets was 円83,207 Mil.
Property, Plant and Equipment(Net PPE) was 円4,504 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,214 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円33,060 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,109 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (21038 / 124856) | / | (27865 / 123899) |
| = | 0.168498 | / | 0.224901 |
| | = | 0.7492 |
2. GMI = Gross Margin Index
Measured as the ratio of gross margin in year t-1 to gross margin in year t.
Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (24178 / 123899) | / | (25308 / 124856) |
| = | 0.195143 | / | 0.202698 |
| | = | 0.9627 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (65929 + 2187) / 81066) | / | (1 - (67196 + 4504) / 83207) |
| = | 0.159746 | / | 0.138294 |
| | = | 1.1551 |
4. SGI = Sales Growth Index
Ratio of Revenue in year t to sales in year t-1.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 124856 | / | 123899 |
| | = | 1.0077 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
| DEPI | = | (Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) | / | (Depreciation_t / (Depreciaton_t + PPE_t)) |
| = | (2214 / (2214 + 4504)) | / | (1621 / (1621 + 2187)) |
| = | 0.329562 | / | 0.425683 |
| | = | 0.7742 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.
SGA expenses index > 1 means that the company is becoming less efficient in generate sales.
| SGAI | = | (SGA_t / Sales_t) | / | (SGA_t-1 /Sales_t-1) |
| = | (0 / 124856) | / | (0 / 123899) |
| = | 0 | / | 0 |
| | = | 1 |
7. LVGI = Leverage Index
The ratio of total debt to Total Assets in year t relative to yeat t-1.
An LVGI > 1 indicates an increase in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((4830 + 28462) / 81066) | / | ((5109 + 33060) / 83207) |
| = | 0.410678 | / | 0.458723 |
| | = | 0.8953 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (5477 - 0 | - | 4954) | / | 81066 |
| | = | 0.006452 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Tsuzuki Denki Co has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.
Tsuzuki Denki Co (TSE:8157) Business Description
Traded in Other Exchanges
N/A
Address
Tokyo Art Club Building, 6-19-15 Shinbashi, Minato-ku, Tokyo, JPN, 105-8665
Tsuzuki Denki Co Ltd engages in provision of information network system solution services. Its electronic devices comprise logic ICs, memory ICs, discrete semiconductors, compound semiconductors, relays, connectors, mouse, display panels, circuit boards, communication modules, and other components. The company's information equipment includes hard disks, PC/servers, printers, and other electronic devices; computer supplies, such as toners, ink ribbons, papers, and data media; computer-related products consisting of PC peripherals and network equipment; stationary/office supplies; and office solutions comprising interior design/construction. The company serves customers in the fields of manufacturing, distribution and services, medical and welfare, public and education, and financial.
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